Cook County Judge held hearing this morning on Chicago fire pension fund lawsuit against city of chicago in which fund has asked for (and received) intercept of city's grant funds to cover shortfalls over contributions in FY16,17, and 18. the dispute centers on method for making contributions - Chicago is fighting with the fire fund over the language of the state pension code, and how to handle late property tax collections, which can lead to shortfalls in the pension contributions.

Illinois Gov Pritzker, Treasurer Frerichs and Comptroller Mendoza file 22-page response to early July complaint filed by hedge fund Warlander and head of Illinois Policy Institute that attempts to invalidate $14.3bn of state GO bonds 1/6 State says premise of lawsuit-that state debt act limits bonds to be issued only for specific purposes related to capital projects - is wrong & not that restrictive; complaint brought too late (bonds issued in 2003 & 2017); Warlander lacks standing; that the bulk of the complaint